I am hoping to complete my purchase in Suffolk next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What does the insurance need to cover?
All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not unique to conveyancing in Suffolk.
It is 10 years ago since I purchased my home in Suffolk. Conveyancing solicitors have recently been instructed on the sale but I can't track down my deeds. Is this a major issue?
Don’t worry too much. First the deeds may be retained by the mortgage company or they may stored with the lawyers who handled the purchase. Secondly the likelihood is that the land will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors acquiring up to date copy of the land registers. Almost all conveyancing in Suffolk involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
I just bought a house at auction in Suffolk. Conveyancing is necessary. What are my next steps?
Now that you have legally committed yourself to purchase you should hire the services of a conveyancing lawyer soon as you now have a tight a fixed date to complete the property. An auction property will have a bespoke auction pack. This should include most,if not all of the paperwork that your lawyer will need. In the case of leasehold premises the auction papers should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to leasehold premises. You should pass this on to the conveyancer instructed by you ASAP. Do make sure that your finances are in place to complete on the date specified in the contract.
is it true that all Suffolk solicitors on the Kent Reliance conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Kent Reliance conveyancing panel they would need to be regulated by the SRA. Some lenders do allow licenced conveyancers on their panel in which case such organisation would be governed by the Council of Licensed Conveyancers.
Santander have agreed my mortgage in principle, my offer on a flat in Suffolk has been accepted, now what?
The property agent will need to be informed of your conveyancing practitioner's details (ensure that the solicitors are on the bank’s panel). Telephone Santander or your financial adviser and finalise any appropriate paperwork. Santander will appoint a valuer who will get in contact with the selling agent or owners to arrange a time for the valuation to take place. Once conducted (assuming no problems) it takes approximately ten days to receive the mortgage offer. Santander will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Suffolk.
I would like to let out my leasehold flat in Suffolk. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
A lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will say if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Suffolk do not contain strict prohibition on subletting – such a provision would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I invested in buying a 2 bed flat in Suffolk, conveyancing having been completed 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Suffolk with a long lease are worth £185,000. The ground rent is £65 invoiced every year. The lease expires on 21st October 2079
You have 60 years left to run we estimate the price of your lease extension to be between £20,000 and £23,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
Our conveyancer in Suffolk has discovered a defect with the lease for the flat we are buying in Suffolk. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor says that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the bank?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Suffolk conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the bank are the client. These conveyancing instructions have to be complied with by the mortgage company conveyancing panel who has to balance acting for you and the bank